Question

You borrowed $185,000 for 30 years to buy a house. The Interest rate is 4.35 percent, compounded monthly. If you pay all of your monthly payments as agreed, how much total Interest will you pay on this mortgage? (Round the monthly payment to the nearest whole cent.) a. $150.408 b. $147.027 c. $146.542 d. $154,319 e. $141,406

Answer 1

Answer:

c. $146.542

Explanation:

Borrowed amount - $185,000

Interest rate  (APY) - 4.35%

Loan term - 30 years

Payement frequency - monthly

Your total interest paid is $146,542.65

Your total principal and  interest: $331,542.65

Answer 2

The total Interest that I will pay on this mortgage is $146.542

The answer is option C.

How to find the interest?

Simple interest is a quick and easy method of calculating the interest charge on a loan. Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.

Borrowed amount - $185,000

Interest rate  (APY) - 4.35%

Loan term - 30 years

Payment frequency - monthly

My total interest paid is $146,542.65

My total principal and  interest: $331,542.65

Interest is a fee paid for borrowing money or other assets, the amount borrowed is called the principal.

Learn more about your Interest here: brainly.com/question/25545513

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